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If under p-sragrsph 18 hereof 16e Prohertti i,= soi~~i ~~r lire Propert*,~ is okhern~iae ;icyuire~l :,~- t,ertder. Lender
<br />shalt amply, no later than immediate}y prior to the szzk° of the Prolacrty t;r ib acquisition b~• Lender. anv Fundx
<br />held by Lender al; the time Gf application as a credit :.gains! Ur+~• sum: sccunvl be this \tortgagre.
<br />3. 11pplicatian of Payments. I?nless applieabh~ law provides of?ie•rwi:<c, ~Il payrneztts received b}~ Lender
<br />under the Nate and partgra~phs 1 and 2 hereof shaft Ir(r applied he Lander first in Iragrocnt- of aruounts Ivayablc to
<br />Lender lay Borrower nutter paragraph 2 hereof, then to interest psyah}e ern the Vacate and on Future Advances, it
<br />any, and then to fhe principal of the Note and to the principal of Future Advances, ii any.
<br />A. Charges; Liens, Borrower shall pay s!! taxes, assessments and other charges, fines and impositions attrib-
<br />O utable to the Property which may attain a priority over this ]iortgage, ami ground rents, if any, at Lender's
<br />option m the manner provided under paragraph 2 hereof m• by Borrower making payment, when clue, directly to
<br />the payee thereof. BGrrower shall promptly furnish to Lender all notices of amounts due tinder this paragraph,
<br />'.~ and in the event Borrower shall make payment directly; Borrower shat} prompt-ly furnish to Lender receipt. evi-
<br />® denting such Isyments. Bm•rower shall promptly discharge any lien ac-hich has priority over this Mortgage; pro-
<br />vided, that ?borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to
<br />,~ the payment GI the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest
<br />such lien by, or defend enforcement. of such lien in, legal proceedings whir.-h operate to pre~•ent the enforcement of
<br />O3 the lien ar forfeiture of the Property ar any part thereof.
<br />h 5. Hazard Insurance. Borrower shall keep the improvements now exist-ing or hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included wit.hir. the term '`extended cGVersge", and such other hazards as
<br />Lender mny require and in such amounts and for such periods as }.,ender may require: provided, that Lender shall
<br />not require that the :.mount of such coverage exceed that amount of coverage required to pay the sums seeured'by
<br />this Mortgage.
<br />The insurance carrier providing the insurance ;hail be chosen by Borrower subject to approval by Lender;
<br />provided, thai such sppzrovai shall not be unreasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender`s option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable with interest at the rate set forth in said note until paid and shall tre
<br />secured by this bortgage. Failure by Borrower to comply may, at taption of Lender, constitute a default
<br />under the terms of this Ntortgage.
<br />All insurance policies and renewals thereof shall he in form acceptable tit Lt>r;.l.~r and abut'. include u standard
<br />mort-gage claust: in iavot• of and in form acceptable to Lender. t.~nder shall hari• she right to Itohi tht• policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renecva} notic.>s and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shall givg prompt notice to fire insurance carrier and Lender, and Lender
<br />may make prvo[• of loss if not made promptly 6y Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proececis shall be applied to restoration or
<br />repair of the Property damaged, provided such restoration or repair is econoruir-ally feasilrlc soli the security of
<br />'this Mortgage is not thereby impaired. If such restoration o;• repair is not economically feasible or if the security
<br />of this Jortgage would be impaired, the insurance proceeds slra]! be applied to the ,oats secured by this Rortgage,
<br />with the excess, if any, paid to Borrotver~ IF the Propct•ty is aitsndoned by Borro«=er ar if I3arrower fails to respond
<br />to Lender within 30 days after notice by bender io Bon•ower thai t}m insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect. and apply the iasurnnre proceeds at Lent}er's Gption either to
<br />restoration or repair of the Propert}• or to the sums secured by this \tortgagr.
<br />Unless Lender and Borrower otherwise agree in u•riiing. any such application of proceeds to principal shall
<br />not extend Gr pwtpone the due date Gi the monthly installments reierrcd to in paragraphs I and 2 hereof or change
<br />the amount of such installments.
<br />jf under paragraph It3 hereof trio I'r~perty is aCgnite$ fay Londe!', aII righk., till! and intefeSt Of BGrrou'er In
<br />and t~? an.° t,~<u. a~,?e r.Gl...-tt<:tnd ,.. tt. is i the prGCEecls thereat ttG tilt' extent tai the` -tnef+ si^t eii:•d by t, is ~~e~rt°
<br />gage imzz;ediatel}• prior to suet: sal€• or acquisitioni resulting tram dsnrage tG the Property prior tG the= =alG Gr
<br />:ir.~r~xit_inn sh2tl tt4c,_. fn I.~tdrr,
<br />~ Prea®r~atien and Maittfencaase o! Property; Leaseholds; Condominiums. BGrrvwer shall kee:a the Prafr-
<br />.=rty i_c ~ ~ re, r_ r s ~ t ,rot . ,•rz r ,• carrrrrrrt t+a+tc, it*xparrttrettt, er deteriorstior~ Gf t}:° Property :.:t^ steal;
<br />cGtrtp~- - }: ilr a laic • leas,, . stet: llGrir~ re oar a lraseh:rld II tl.i- llartga ._.n i4 -Dodo:;iir4iull
<br />unit: BorrGwer she}I pFrfnraa all Gf Borrower'; obligations under the declaration of eottdnmililwu sir titter decd,
<br />the by-law, ar:d regu}attou- Gf the condonriniwn project and constituent dxurnents.
<br />7. Protectfoa o! Lender`s Security. }f BGrrower iails fo pertbrm 'the covenants and agrexments confamed in
<br />this ~IGrtgage, or ii any action ot• proceeding is comutcnc<:d which materisl}y affects I,endar's interest }n the Prop-
<br />e;rty, inc}ud:ng, tent nut Itmitrd ro, curinent donzant. insoivrncy, rock eutoreenrent, ar arrangements or proceed-
<br />ings involving tt bankrupt or decedent, then Lender at Lender's option, upon notice to Burrower, rnuy tnake such
<br />appearances, disburse such sum, and take such action as i< necessary W protect Lender`s interest, intruding, but
<br />oat limited to, disburseuxmt of reasonatrie attorney's iec. and entry upau the Property to make repairs. An_y
<br />arnour,~; disbursed by Lender pursuant tG this paragraph i, with interest thereon, shall became additional indebtr
<br />e-chess GI Aorro>;•er se~;ured by this ~Iortguge. Un}ess Borrower and bender agree to other terlus of puymerrt, such
<br />amounts shall be payable upon notice from Lender to Borrower requesting payment. thereof, and shall bear inter-
<br />est from the date of disbursement at the rate stated in the Aote unless payment of interest at such rate' would be
<br />eantrary t?t applicubie tart', ir! which event. such amou!tts she!! bear interest at the highest rate pGrzaissible by
<br />appl}cable law. AGthing contained in this paragraph 7 si5ai) require Lender iG incur any expense or do am• act
<br />hereunder.
<br />$. Inspection. tender may make or• cause to be made rca-unable entrtes open and inspections of the Prop-
<br />erty, provit}ed that I.nnder shall give Borrower t;otirr~ prior to :tns• suet: insper~tion specifying reasunah(e cause
<br />thorefor related to Lender's interest in the Property.
<br />~. Candsmaatioa. The proceed, of any atvart ot• elaint for damages, direct Gr cousequentiai, in vonnaction
<br />with any condemnation or other taking of the Proirorty, or part thez•eot, or for conrcyanee in lieu of concleuma-
<br />tion, are harohy assigned and shad ho paid to Lender.
<br />In the event of a total taking of the Property, the proceeds .hall 6c applied to the stuns secured by this :vfort-
<br />gage, with the excess, if any, paid to Borrower. In the event of a partial taking GI the Property, unless Borrower
<br />and Lender otherwise agree in writing, there steal} be apptitkr tG the awns securetii by ibis \Iortguge such propor-
<br />tian of the proceeds as is equal to that proportion which the amount of khe. scans secured by this Mortgage imme-
<br />diately prior to the: date of taking bears Eo the foie market value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Borrows:.
<br />If the Property is abandoned by Borrower or if after notice by Lender to Borrower that. the condemnor offers
<br />to make sn awarYl or settle a claim for damages, Borrower fails to respond to Lender within 30 days of the date
<br />of such notice, Lender is authorised to collect and apply the proceeds st 1+~nder's option either to restoration or
<br />ropalr of the Property or tq the sums secured lay this \lortgage.
<br />IJlzless Lender ant} Borrower Gtherwise agree in writing, any such npplicatimr of proceeds to principal shall
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